Sainsburys Loan Refused - Excellent credit score

trying_to_fly

Sainsburys told me the reason for decline was low credit score. Checked the companies they told me and it turns out I have excellent score.
Why would this be?

Also I called Santander, have an account with them for 17 years. They said I can apply with them as soon as I like as there is no waiting period. I asked what companies they use to credit check. Same three companies that Sainsburys used.
Will I be declined again.

Have no debts, no credit cards no overdraft.

Applied for Sainsburys loan 3 years ago. All paid off. That was for 5000
I am looking to borrow 7,500 this time. Would that be a reason it's been refused? The amount is higher?

I need the money by August/sept latest.

Please could someone advise me how to do this without messing up my credit rating further. It's really making things awful as this money is important.

What should I do? Apply with Santander.? Or wait.

What if Santander decline me too?
What other options do I have?
Credit Card. Over draft? If Credit card what is the best to use?


EDIT: MARRIED, COUNCIL TENANT, LIVE WITH HUSBAND AND 4 KIDS AND AN ELDERLY MOTHER

CLAPTON

what do your credit files say? (scores are meaningless)
are you on the electoral roll
what's your income
what credit shows on your credit files

it may be you have too little credit showing (i.e. there is nothing there to show you repay / mange credit well)

mariapb

Have a look at your Credit File yourself. Experian normally do a 30 day free trial so it wouldn't have to cost you anything. I agree with above, sometimes having to little credit can be as harmful as having to much. Companies like to see you are paying things back etc.

trying_to_fly

So what do I need to do to get this up?
I pay a mobile bill each month thats it

I can't understand the credit report to be honest. I don't know what it all means
Any help would be great thanks

CLAPTON

what does it say?

opinions4u

trying_to_fly wrote: »

Sainsburys told me the reason for decline was low credit score. Checked the companies they told me and it turns out I have excellent score.
Why would this be?

The way Sainsburys calculate their internal credit score (as a lender) is different to the way the credit reference agencies caluclate things. So you may be "excellent" in the eyes of a CRA, but as they're not the lender it means diddly squat.

Also I called Santander, have an account with them for 17 years. They said I can apply with them as soon as I like as there is no waiting period. I asked what companies they use to credit check. Same three companies that Sainsburys used.
Will I be declined again.

Only one way to find out. But they are not Sainsburys. They do things differently. So while not guaranteed, a different decision is possible.

I am looking to borrow 7,500 this time. Would that be a reason it's been refused? The amount is higher?

We don't know your circumstances then and now. But lenders are tougher with credit than they were a few years ago. So that's not in your favour.

I need the money by August/sept latest.

I dislike the word "need" when it comes to borrowing money. You want it. Do you really need it? If so, get saving rather rapidly!

What if Santander decline me too?

Try somewhere else or do without.

EDIT: MARRIED, COUNCIL TENANT, LIVE WITH HUSBAND AND 4 KIDS AND AN ELDERLY MOTHER

Married is good on a credit score. Council tenant is not as good as homeowner. 4 kids is not great for an affordability calculation.